Reference no: EM132237803

1. When a contract manager discovers a significant variance between actual and expected performance, what corrective action should be taken?

Contract manager or project manager should pursue a corrective action, if possible.

Contract manager or project manager should report their findings.

Contract manager or project manager should ensure there is communication about the variance.

All of the above

None of the above

2. A bilateral agreement is a:

Contract involving mutual promises, including two signatures

Binding agreement that is enforceable by law

Any meeting of the minds, even without legal obligation

All of the above

None of the above

3. Competitive negotiation is where the buyer solicits formal proposals from, and has discussions with several suppliers simultaneously.

True

False

4. Severability refers to a provision in a contract which states that if parts of the contract are held to be illegal or otherwise unenforceable, the remainder of the contract should still apply.

True

False

5. The UCC was developed to__________________ the law governing commercial tranactions

Simplify

Clarify

Modernize

All of the above

None of the above

6. The use of the risk analysis process defined by the author is simple to understand and implement that many companies through out the world are successfully improving their business results

True

False